We're catching up with the declines in many retailers given concerns over consumer spending. There may be also be a fund reducing their position given the higher volume selling pressure yesterday and early today. Regardless, I think the selling is overdone at 53 and was a buyer this morning for the first time since we saw 45 last summer. Recent estimates have proved to be very low, so I'd expect another earnings beat this quarter. The declining US dollar should also help internationally.
Thanks for the explanation, dragonkrys. Do you think this downtrend will continue until 10/25/07? Or will it bounce up again before 10/25/07? And what will happen after they announce the earnings on 10/25/07?